November 30, 2023

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ROTH MKM Releases its 2023 Millennial Survey | Business


ROTH MKM, a full service investment bank focused on advising and financing growth companies, is pleased to announce the release of its 2023 Millennial Survey, a proprietary survey examining current trends, spending patterns and favorite brands across eight consumer categories, including apparel & footwear, home furnishings, health & wellness, beverage, healthy food & snacks, CBD & cannabis, sexual wellness and pets. The survey, conducted in partnership with MFour Mobile Research, features 279 questions and was completed by 2,500 Millennial-aged women and men.

Key findings from the ROTH MKM Millennial Survey include:

  • Over the last 12 months, 45% of Millennials have started purchasing more private label goods in place of branded ones
  • 76% of Millennials have reduced their discretionary spending behavior due to higher prices for everyday and non-discretionary goods
  • 28% of all Millennials who purchase items online have signed up for auto replenishment or subscription items on Amazon
  • 53% of Millennials are more likely to buy directly from the manufacturer if personalization is available
  • Hello Fresh, Blue Apron and Home Chef are the most popular food/meal kit subscription services
  • For the second survey in a row, Nike, Adidas, Vans and Steve Madden are the leading fashion footwear brands among Millennials while Gucci is the most popular luxury goods brand
  • 40% of Millennials who have purchased furniture purchased their last furniture or home goods product online and had it delivered to their home
  • Millennials view Serta, Purple, Sealy, Ikea and Sleep Number as the mattress brands that best serve their needs
  • 64% of Millennials had their health and wellness purchases influenced by the COVID-19 pandemic
  • 61% of Millennials have returned to their traditional fitness club since the COVID-19 pandemic
  • 66% of Millennials own reusable water bottles or tumblers with YETI, Hydro Flask and Contigo being the most popular
  • 20% of Millennials are consuming more energy drinks since the COVID-19 pandemic, with 46% more likely to seek out a “healthier” energy drink
  • 55% of Millennials consume plant-based protein products at least occasionally and 66% of those that do are willing to pay a premium of at least 5%
  • Trojan, Playboy and Lovehoney are the preferred sexual wellness brands among Millennials
  • 16% of Millennials that own pets use walking or boarding services for their pet, with Rover and Wag! being the preferred pet service marketplaces among Millennials

“Health & wellness and convenience have become more important for Millennials since the COVID-19 pandemic. Consumer brands that have adapted to these changes will continue to command premium valuations from institutional investors and strategic acquirers,” said Paul Zaffaroni, Managing Director and Head of Consumer Investment Banking at ROTH MKM.

“While Millennials continue to revert to more normal post-pandemic behaviors, they are clearly feeling the pinch from inflationary pressures that are evident across the consumer landscape. Our survey shows that Millennial consumers are still willing to spend on innovative brands, products, and services that tailor offerings to meet their unique needs,” said Matt Koranda, Managing Director, Senior Research Analyst at ROTH MKM.

For access to the ROTH MKM Millennial Survey, please contact your ROTH MKM Representative at (800) 678-9147.


ROTH MKM is a relationship-driven investment bank focused on serving emerging growth companies and their investors. As a full-service investment bank, ROTH MKM provides capital raising, M&A advisory, analytical research, trading, market-making services and corporate access. Headquartered in Newport Beach, California, ROTH MKM is privately held and owned by its employees and maintains offices throughout the U.S. For more information on ROTH MKM, please visit

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CONTACT: ROTH MKM Consumer Investment Banking:

Paul Zaffaroni

Managing Director &

Head of Consumer

Investment Banking

(949) 720-7174

[email protected] Alyn


Investment Banking

(949) 720-7156

[email protected] Frank


Investment Banking

(949) 720-7135

[email protected] Hanour

Vice President

Investment Banking

(949) 720-7141

[email protected] Chapman


Investment Banking

(949) 720-7183

[email protected] MKM Consumer Equity Research:

Jeff Martin, CFA

Co-Director of Research

Senior Research Analyst

(949) 720-7184

[email protected] Fortune

Managing Director

Senior Research Analyst

(949) 720-7163

[email protected] Kelly, CFA

Managing Director

Senior Research Analyst

(646) 716-3601

[email protected] Koranda

Managing Director

Senior Research Analyst

(949) 720-7119

[email protected] McGowan

Managing Director

Senior Research Analyst

(949) 720-7175

[email protected] and Media Contact


Isabel Mattson-Pain

Director of Marketing and Corporate Access

[email protected]| 949.720.7117




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PUB: 03/07/2023 09:00 AM/DISC: 03/07/2023 09:04 AM

Copyright Business Wire 2023.